$5 Gas Could Become More Common , as Prices Hit Another Record.<br />According to AAA, on May 17, the national average for regular gas was $4.48 a gallon.<br />CNN reports that's a 40-cent increase <br />over the course of a month.<br />Gas prices are 27% higher than the <br />day before Russia attacked Ukraine.<br />Everything is pointing toward even higher prices. We are well on our way toward $5. , Andy Lipow, president of Lipow Oil Associates, via CNN.<br />AAA reports that the average cost of gas in <br />four states is already above $5 a gallon.<br />Those states are California, Washington, Nevada and Hawaii with Oregon not far behind.<br />Still, the U.S. Energy Information Administration says that after adjusting for inflation, gas prices are not yet at record highs.<br />That record was set in 2008 when gas averaged $5.38 a gallon after adjusting for inflation.<br />As inflation, shipping issues and COVID continue to be a problem worldwide, supply simply can't keep up with demand.<br />No one can crank up the refinery because they don’t have any spare capacity, Robert Yawger, vice president of energy futures at Mizuho Securities, via CNN
